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Reader Polls Feedback for
October 25, through November 4, 2005

Answer our reader Poll, win 2 free $40+ Show tickets!   Each Reader Poll, the 2 best replies each week will receive two $40+ show tickets absolutely FREE!  The 2 winners will be selected by Richard Reed, IVLV owner.

In the wake of this week’s IRS courtroom ruling against anti-tax advocate Irwin Schiff, IVLV’s Reader Poll asks . . . do you think $1200 and above slot machine wins should be taxed. Since everything else has increased in price over the years, the $1200 rule is the same since its conception decades ago. (For those non slot players, we are referring to the fact that if you win $1200 or more on any play of a slot machine, regardless of the denomination you are playing, penny slot machines or $500 slot machines, you are required to sign an IRS 1099 to receive your winnings.)
Reader Poll Replies:

* I am not a big slot machine player, but I really think the level should be raised to $2500.  Nothing else has remained the same for 20 years, why should you be taxed on the same level.  Ben Towers  NY

I just don't understand why you should pay tax on any winnings. The money used to win you paid tax on, so it's not really fair. Here in Canada we don't pay tax on any of our winnings, we pay enough on everything else.  Lynda Loipersbeck

* I vote no to taxing slot machine winnings. does the machine track lost dollars? No! I may have put in $1500.00 to win $1200.00 will they give me a tax deduction. this is ridiculous law and should be put to bed with all the other bad laws. By the way I do not play slot machines.  Ron D

*  Great question and my opinion is this: it should of been raised years ago. Your right in saying everything has gone up in price.  Consider getting taxed on the $1200. You are looking of what 37% or so being due in taxes. Even more if your state has a state income tax. It almost makes you play say on a dollar machine one coin compared to two.  The difference in the win is not that much after taxes and no hassle come the end of they year where they (irs ) will add the winnings to your earnings. So yes up the cutoff to say at least $1500 and better to $2000.  Watcherboy

No. I do not believe that payoffs of 1200.00 or more should be taxed. Most people spend their hard earned money on these machines which has already been taxed through payroll-Federal and most states, state taxes.   Chuck from Arizona

Businesses are required to file a 1099 on payments of $600 or over. Technically, you are supposed to pay income tax on ALL winnings, not just those with a paper trail. The $1200 limit on backup withholding for gaming winnings is generous in that context. My preference would be to raise the 1099 mark to $1800 or $2500 for businesses, and eliminate the backup withholding on gaming winnings altogether. However, the paper trail needs to be created to incentives compliance with paying the taxes on the winnings. The shrewd gambler incorporates (in tax free Nevada!) and deducts losses against winnings to reduce tax liability.  But that brings up the philosophical issue that Gambling Winnings are Not Income. How greedy can the government get? The bets are paid with after-tax dollars. The winnings are freely (and usually rapidly) spent on goods and services, which produce taxable income, and jobs. Siphoning off 50% of a large win is not good for the economy. Don Portland

It needs to be 1500.00 before we pay taxes on it.  GJ Smith

* Taxing winnings is just one more way the government has their hand in our pockets.  I think it is wrong and especially since you cannot count off more on your taxes than you win, it is a one sided program.  Sue. Huntington, CA

*  It makes no sense to tax money you already paid taxes on, this is just another reason why people do not like government controls, it is not fair.  Bobby T. AZ


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